Opendoor Technologies Inc (OPEN) 2020 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Opendoor's Fourth Quarter 2020 Earnings Conference Call. (Operator Instructions) It is now my pleasure to introduce Whitney Kukulka with Investor Relations.

女士們、先生們，感謝大家的支持，歡迎參加 Opendoor 2020 年第四季度收益電話會議。 （操作員說明） 現在我很高興向您介紹投資者關係部的惠特尼·庫庫爾卡 (Whitney Kukulka)。

Thank you, operator. Good afternoon, ladies and gentlemen. Thank you for joining us for Opendoor's Fourth Quarter and Full Year 2020 Financial Results Conference Call.

謝謝你，接線員。女士們、先生們，下午好。感謝您參加 Opendoor 2020 年第四季度和全年財務業績電話會議。

Joining me on the call today are Eric Wu, Founder and Chief Executive Officer; and Carrie Wheeler, Chief Financial Officer. Full details of our results and additional management commentary are available in our earnings release which can be found on the Investor Relations section of the website at investor.opendoor.com. Please note that this call will be simultaneously webcast on the Investor Relations section of the company's corporate website.

今天和我一起參加電話會議的是創始人兼首席執行官 Eric Wu；和凱莉·惠勒，首席財務官。有關我們業績的完整詳細信息和其他管理層評論，請參閱我們的收益報告，您可以在 Investor.opendoor.com 網站的投資者關係部分找到該報告。請注意，本次電話會議將在公司網站的投資者關係部分同時進行網絡直播。

Before we start, I would like to remind you that the following discussion contains forward-looking statements within the meaning of the federal securities laws, including but not limited to, statements regarding Opendoor's future financial results and management's expectations and plans for the business. These statements are neither promises nor guarantees and involve risks and uncertainties that may cause actual results to differ materially from those discussed here.

在開始之前，我想提醒您，以下討論包含聯邦證券法含義內的前瞻性陳述，包括但不限於有關 Opendoor 未來財務業績以及管理層對業務的預期和計劃的陳述。這些陳述既不是承諾也不是保證，並且涉及風險和不確定性，可能導致實際結果與此處討論的結果存在重大差異。

Additional information that could cause actual results to differ from forward-looking statements can be found in the Risk Factors section of Opendoor's annual report on Form 10-K for the year ended December 31, 2020 and Opendoor's other SEC filings. Any forward-looking statements made in this conference call, including responses to your questions, are based on current expectations as of today, and Opendoor assumes no obligation to update or revise them whether as a result of new developments or otherwise, except as required by law.

可能導致實際結果與前瞻性陳述不同的其他信息可以在 Opendoor 截至 2020 年 12 月 31 日的 10-K 表格年度報告的風險因素部分以及 Opendoor 向 SEC 提交的其他文件中找到。本次電話會議中所做的任何前瞻性陳述，包括對您的問題的答复，均基於截至今天的當前預期，Opendoor 不承擔因新的發展或其他原因而更新或修改這些陳述的義務，除非法律。

The following discussion may contain non-GAAP financial measures. For a reconciliation of each of these non-GAAP financial measures to the most directly comparable GAAP metric, please see our website at investor.opendoor.com.

以下討論可能包含非公認會計準則財務指標。如需將每項非 GAAP 財務指標與最直接可比的 GAAP 指標進行對照，請訪問我們的網站 Investor.opendoor.com。

Now I will turn the call over to Eric. Eric?

現在我將把電話轉給埃里克。埃里克？

Thank you, Whitney. Welcome, and thank you all for joining our first earnings call. Before we get to the results and momentum we're seeing, I'd like to take a few moments to ground us in the importance of the problem we're solving.

謝謝你，惠特尼。歡迎並感謝大家參加我們的第一次財報電話會議。在獲得我們所看到的結果和勢頭之前，我想花一些時間讓我們了解我們正在解決的問題的重要性。

At Opendoor, our first core value is to start and end with the customer, and we are relentlessly focused on improving the customer experience. We share a customer story at every Board meeting and every all-hands. And I want to extend that same tradition today with a story about the Cummings family and their experience with Opendoor in their own words.

在Opendoor，我們的首要核心價值是從客戶開始到結束，我們不懈地致力於改善客戶體驗。我們在每次董事會會議和每次全體會議上分享客戶故事。今天我想通過一個關於 Cummings 家族的故事以及他們用他們自己的話說 Opendoor 的經歷來延續同樣的傳統。

Hi. My name is [Rhonda Cummings] and this is my husband, [Dominic]. We're from Jacksonville, Florida. We found ourselves in a situation where we needed to sell our home quickly. This happened because of the placement and subsequent adoption of our fund. We were a family of 4 in a 3-bedroom house. And when we got our son, we realized that we had quickly, and I mean quickly, outgrown our 3-bedroom to bet. And I knew as the Chief Mom Officer of this family, it was hard to get moving. We didn't necessarily have the time or the patience to find a realtor list our home, do repairs and everything that comes with it. And that's why Opendoor was absolutely essential in getting my family into a home that was going to grow with our growing family and our needs. They saved us time, they saved us money, and that is absolutely invaluable.

你好。我的名字是[朗達·卡明斯]，這是我的丈夫[多米尼克]。我們來自佛羅里達州傑克遜維爾。我們發現自己處於需要快速出售房屋的境地。發生這種情況是因為我們基金的安置和隨後的採用。我們一家四口住在一個三居室的房子裡。當我們有了兒子後，我們意識到我們很快，我的意思是很快，我們的三居室就不再適合打賭了。我知道，作為這個家庭的首席媽媽官，要行動起來是很困難的。我們不一定有時間或耐心去尋找房地產經紀人列出我們的房屋，進行維修以及隨之而來的一切。這就是為什麼 Opendoor 對於讓我的家人擁有一個能夠隨著我們不斷成長的家庭和我們的需求而成長的家庭來說絕對是至關重要的。他們為我們節省了時間，為我們節省了金錢，這絕對是無價的。

My husband is going to explain to you some of the details that he found helpful as he is the Chief Financial Officer of this family.

我丈夫將向您解釋一些他認為有用的細節，因為他是這個家庭的首席財務官。

I also didn't have to worry about hiring a contractor to fix things around the house, nor did I have to worry about listing the home or showing the home around with 3 toddlers and a teammate. So with that being said, this process provided us so much means, and we're very thankful for that.

我也不必擔心僱用承包商來修理房子周圍的東西，也不必擔心列出房屋或與 3 個幼兒和一名隊友一起參觀房屋。話雖這麼說，這個過程為我們提供了很多手段，我們對此非常感激。

So from a Chief Mom Officer and the Chief Financial Officer, thank you, Opendoor.

首席媽媽官和首席財務官，謝謝你，Opendoor。

Thank you.

謝謝。

And special thanks to [Dominic] and [Rhonda] for sharing their story with us, and we are inspired by the impact we can have for families just like the Cummings and Chief Mom Officers nationwide.

特別感謝[多米尼克]和[朗達]與我們分享他們的故事，我們對像卡明斯和全國首席媽媽官這樣的家庭產生的影響感到鼓舞。

That being said, for the vast majority of the 5.6 million people who buy and sell a home every year, this process is still far too complex, stressful and time consuming. Less than 1% of transactions are online, involve dozens of steps and span multiple months.

話雖如此，對於每年買賣房屋的 560 萬人中的絕大多數人來說，這個過程仍然過於復雜、壓力大且耗時。不到 1% 的交易是在線進行的，涉及數十個步驟並跨越數月。

So I founded Opendoor in 2014 to build what consumers crave and deserve, a simple, certain and fast online experience. We are making it possible to buy and sell a home at the tap of a button. As the inventor and leader in this category, we have helped over 80,000 families move, totaling over $20 billion in transaction volume. And as we have scaled to over 20 markets, we have done so with profitable unit economics.

因此，我於 2014 年創立了 Opendoor，旨在打造消費者渴望和應得的、簡單、確定且快速的在線體驗。我們讓只需按一下按鈕即可購買和出售房屋。作為該類別的發明者和領導者，我們已幫助超過 80,000 個家庭搬家，交易額總計超過 200 億美元。隨著我們擴展到 20 多個市場，我們已經實現了盈利的單位經濟效益。

We pride ourselves on doing the hard things first, vertically integrating the entire experience and rebuilding each component from the ground up is not easy. But it is necessary to remove the friction and cost that exists in the transaction today and deliver on what we believe to be the best customer experience. So for the past 7 years, we've done the hard work to refine the product, pricing engine, technology platform and operational systems so homeowners can buy and sell in just a few taps.

我們為自己先做困難的事情而感到自豪，垂直整合整個體驗並從頭開始重建每個組件並不容易。但有必要消除當今交易中存在的摩擦和成本，並提供我們認為最好的客戶體驗。因此，在過去的 7 年裡，我們努力完善產品、定價引擎、技術平台和操作系統，讓房主只需輕按幾下即可進行買賣。

As I reflect on 2020, it was a turbulent and unprecedented year. But I'm proud of how our teammates supported each other, focused on our mission and continued to invent and build for our customers. In terms of results, we finished 2020 with $2.6 billion of revenue. While this was lower than our 2019 levels due to our pausing acquisitions at the onset of COVID, we saw strong margins with adjusted gross margins of 8.2% and contribution margins of 4.3% in 2020.

回顧2020年，這是動盪、史無前例的一年。但我為我們的隊友相互支持、專注於我們的使命並繼續為我們的客戶發明和構建而感到自豪。就業績而言，我們 2020 年的收入為 26 億美元。雖然由於我們在新冠疫情爆發時暫停了收購，這一數字低於 2019 年的水平，但我們看到了強勁的利潤率，2020 年調整後毛利率為 8.2%，貢獻利潤率為 4.3%。

In Q4, we delivered $249 million of revenue with gross margins at 15.4% and contribution margins at 12.6%. As we enter 2021, I feel like we've been building Opendoor for many years behind the scenes for this very moment.

第四季度，我們實現了 2.49 億美元的收入，毛利率為 15.4%，貢獻利潤率為 12.6%。當我們進入 2021 年時，我覺得我們已經在幕後構建 Opendoor 多年，就是為了這一刻。

First, COVID has reset how consumers think about their home. Home is now also the office, the gym, the school, and if you're lucky, your favorite restaurant and date night. Before the pandemic, 12% of full-time employees worked from home. That share is now up to 42%. Additionally, in a recent survey, 28% of respondents decided to leave their city as a result of COVID-19 and an additional 25% are accelerating their plans to move for the same reason. The ability to work from almost anywhere, wanting additional space and low interest rates has created historical demand for residential real estate.

首先，新冠疫情改變了消費者對家居的看法。家現在也是辦公室、健身房、學校，如果幸運的話，還有你最喜歡的餐廳和約會之夜。在大流行之前，12%的全職員工在家工作。目前這一比例已高達 42%。此外，在最近的一項調查中，28% 的受訪者因 COVID-19 決定離開所在城市，另有 25% 的受訪者出於同樣原因正在加快搬遷計劃。幾乎可以在任何地方工作、需要額外的空間和低利率，創造了對住宅房地產的歷史需求。

Second, the adoption of digital products is rising sharply. While the impact on food delivery, transportation and e-commerce is most visible for us day-to-day, real estate is no exception. In a recent survey we conducted, 71% of sellers said they would consider selling their home to an iBuyer. These 2 seismic shifts have created significant tailwinds for us. First off, more and more home sellers are coming to Opendoor to request an offer to sell online. So far this year, we were spending over 50% more offers per month compared to this time last year and exceeding previous highs.

其次，數字產品的採用率急劇上升。雖然對食品配送、運輸和電子商務的影響對我們的日常生活最為明顯，但房地產也不例外。在我們最近進行的一項調查中，71% 的賣家表示他們會考慮將房屋出售給 iBuyer。這兩個巨大的轉變為我們帶來了巨大的推動力。首先，越來越多的房屋賣家來到 Opendoor 請求在線銷售報價。今年到目前為止，與去年同期相比，我們每月的優惠支出增加了 50% 以上，並且超過了之前的高點。

What's more exciting is that we are converting more and more of these home sellers. A question we often get is if homeowners will choose Opendoor when the markets are hot, like we're seeing right now. The answer to that is yes. Our seller conversion is exceeding historical highs.

更令人興奮的是，我們正在轉變越來越多的房屋賣家。我們經常遇到的一個問題是，當市場火熱時，房主是否會選擇 Opendoor，就像我們現在看到的那樣。答案是肯定的。我們的賣家轉化率超過了歷史高位。

And most importantly, this year, our seller Net Promoter Score is trending over 80, which is up 10 points from 2020. We believe this is the future of real estate and is coming faster than expected.

最重要的是，今年我們的賣家淨推薦值趨勢超過 80，比 2020 年上升了 10 個百分點。我們相信這就是房地產的未來，而且來得比預期更快。

Next, let's talk about our upcoming plans. Our goal is to be the best place to sell a home online and seamlessly move. That means we are focused on: one, driving market share of sellers in our existing markets; two, expanding to many more markets nationwide; and three, building our digital one-stop shop to seamlessly move.

接下來，我們來談談我們接下來的計劃。我們的目標是成為在線銷售房屋和無縫移動的最佳場所。這意味著我們專注於：第一，提高現有市場中賣家的市場份額；二是拓展全國更多市場；第三，建立我們的數字化一站式商店以實現無縫移動。

First, we continue to expand our ability to address a wider range of sellers in our existing markets. In Q4, we expanded our buy-box by 35%, increasing coverage in price, ZIP code and home type. These buy-box improvements plus the increasing offer requests, plus record-high conversion, give us confidence in our ability to exceed historical market share levels.

首先，我們繼續擴大我們的能力，以滿足現有市場中更廣泛的賣家的需求。第四季度，我們將黃金購物車擴大了 35%，擴大了價格、郵政編碼和房屋類型的覆蓋範圍。這些購買箱的改進加上不斷增加的報價請求以及創紀錄的高轉化率，使我們對超越歷史市場份額水平的能力充滿信心。

Second, we plan to double our market footprint this year from 21 to 42. Our operational systems, pricing models and launch playbooks have been tested at scale and are underpinned by our technology platform that automates and centralizes the transaction. Thus, we are positioned to rapidly and profitably expand nationwide. And we are well on our way with 6 markets launching in Q1, including recently announced Asheville and San Diego. Long term, we plan on being live in more than 100 markets and servicing over 70% of the homes in the U.S.

其次，我們計劃今年將我們的市場覆蓋範圍從 21 個增加到 42 個。我們的操作系統、定價模型和發布策略都經過了大規模測試，並以我們實現交易自動化和集中化的技術平台為基礎。因此，我們有能力在全國范圍內快速、盈利地擴張。我們進展順利，第一季度推出了 6 個市場，包括最近宣布的阿什維爾和聖地亞哥。從長遠來看，我們計劃在 100 多個市場開展業務，並為美國 70% 以上的家庭提供服務。

Finally, we will be making progress on our goal to build the digital one-stop shop to move. We've already enabled homeowners to sell online in a few minutes and provide tech-enabled title insurance, escrow and mortgage services. Yet, we know that 2/3 of sellers are also buyers. So we are building a one-tap buying experience so customers can buy and sell seamlessly.

最後，我們將在建立數字化一站式移動商店的目標上取得進展。我們已經使房主能夠在幾分鐘內在線銷售，並提供技術支持的產權保險、託管和抵押貸款服務。然而，我們知道 2/3 的賣家也是買家。因此，我們正在構建一鍵式購買體驗，以便客戶可以無縫地進行購買和銷售。

Accordingly, we recently launched cash offers for homebuyers, which enable home shoppers to submit an all-cash offer backed by Opendoor, select their preferred closing date and line up their move. We know the market is competitive. We know buyers want to improve their chances of getting their dream home. And we know sellers want certainty and speed. This feature and more to come, demonstrate our ability to innovate quickly based on what we're seeing in the market and leverage our expertise in technology, pricing and operations.

因此，我們最近為購房者推出了現金優惠，購房者可以提交由 Opendoor 支持的全現金優惠，選擇他們喜歡的截止日期並安排搬家。我們知道市場競爭激烈。我們知道買家希望提高獲得夢想家園的機會。我們知道賣家想要確定性和速度。這一功能以及即將推出的更多功能，展示了我們根據市場情況快速創新並利用我們在技術、定價和運營方面的專業知識的能力。

In closing, we are relentlessly focused on building a frictionless and digital experience for consumers. It is this focus, coupled with our technology platform, operational scale and seasoned team, that will enable us to be the pacesetter and deliver an online delightful experience for millions of homeowners nationwide.

最後，我們堅持不懈地致力於為消費者打造順暢的數字體驗。正是這種專注，加上我們的技術平台、運營規模和經驗豐富的團隊，將使我們能夠成為領跑者，並為全國數百萬房主提供在線愉快的體驗。

With that, I'll hand it over to Carrie.

這樣，我就把它交給嘉莉了。

Thanks, Eric. As Eric just discussed, we had a solid finish to 2020, and we're pleased with our momentum going into 2021. We reported revenue of $249 million and an adjusted EBITDA loss of $27 million for Q4. And revenue of approximately $2.6 billion and an adjusted EBITDA loss of $98 million for the full year, exceeding the targets we provided last fall when we went public.

謝謝，埃里克。正如埃里克剛剛討論的那樣，我們在 2020 年取得了圓滿的成績，我們對進入 2021 年的勢頭感到滿意。第四季度的收入為 2.49 億美元，調整後 EBITDA 虧損為 2700 萬美元。全年營收約為 26 億美元，調整後 EBITDA 虧損為 9800 萬美元，超過了我們去年秋天上市時設定的目標。

As we've discussed, our results for fiscal 2020 were materially impacted by COVID. The onset of the pandemic caused us to pause home acquisitions beginning in March due to unprecedented uncertainty and safety concerns. And to actively manage our balance sheet and sell in the vast majority of homes we owned over the second and third quarters, we sold almost $1 billion of inventory in that time at constant margins, demonstrating the agility and resiliency of our resale systems. However, given that REIT inventory is the fuel for revenue, that sell down impacted our top line in Q4. Declines notwithstanding, we did exceed revenue expectations that we put out for the year.

正如我們所討論的，我們 2020 財年的業績受到了新冠疫情的重大影響。由於前所未有的不確定性和安全問題，大流行的爆發導致我們從三月份開始暫停購房。為了積極管理我們的資產負債表並出售我們在第二季度和第三季度擁有的絕大多數房屋，我們當時以恆定的利潤出售了近 10 億美元的庫存，這證明了我們轉售系統的敏捷性和彈性。然而，鑑於房地產投資信託基金庫存是收入的燃料，拋售影響了我們第四季度的營收。儘管有所下降，但我們確實超出了今年的收入預期。

Q4 revenue performance was driven by strong market demand for housing and the strength in our resale processes. Q3 marked our low form for inventory, and we have been aggressively acquiring homes since that time. We purchased more than 2,000 homes in Q4, which reflected a strong acquisition ramp throughout the quarter. We ended the year with $466 million of inventory, representing 1,827 homes, which is up over 3x on September's balance.

第四季度的收入表現是由強勁的住房市場需求和我們的轉售流程實力推動的。第三季度標誌著我們的庫存處於低水平，從那時起我們一直在積極收購房屋。我們在第四季度購買了 2,000 多套房屋，這反映出整個季度的收購量強勁。截至年底，我們的庫存量為 4.66 億美元，相當於 1,827 套房屋，比 9 月份的餘額增加了 3 倍多。

On the margin front, both adjusted gross profit and contribution profit were strong for the full year and particularly strong for the fourth quarter. Adjusted gross margins were 8.2% for 2020, up 190 basis points from 6.3% in 2019. Contribution margins were 4.3% for 2020, up 230 basis points from prior year. And on a per home basis, we generated adjusted gross profit per home of $21,000, contribution profit per home of approximately $11,000.

在利潤率方面，全年調整後毛利潤和貢獻利潤均強勁，尤其是第四季度。 2020 年調整後毛利率為 8.2%，比 2019 年的 6.3% 上升 190 個基點。2020 年貢獻利潤率為 4.3%，比上年上升 230 個基點。以每戶住宅為基礎，我們為每戶住宅帶來了 21,000 美元的調整後毛利潤，每戶住宅的貢獻利潤約為 11,000 美元。

For Q4, we saw adjusted gross profit per home of approximately $45,000, contribution profit per home of $37,000. These higher margins were largely driven by having a healthy inventory mix weighted to recently acquired homes as well as from strong home price appreciation in our markets.

第四季度，我們看到每戶調整後的毛利潤約為 45,000 美元，每戶貢獻利潤為 37,000 美元。這些較高的利潤率主要是由於最近購買的房屋的健康庫存組合以及我們市場上房價的強勁升值推動的。

From an adjusted EBITDA perspective, we had a loss of $27 million for the quarter and a loss of $98 million for the year. We saw gains in adjusted EBITDA driven primarily by the increase in contribution profit, but also as a result of the cost controls and expense reductions we undertook in response to the pandemic.

從調整後的 EBITDA 角度來看，我們本季度虧損 2700 萬美元，全年虧損 9800 萬美元。我們看到調整後 EBITDA 的增長主要是由於貢獻利潤的增加，但也是我們為應對疫情而採取的成本控制和費用削減的結果。

Our operating expenses, which comprised the delta between contribution and adjusted EBITDA were $59 million in Q4 and $208 million for the full year, down 24% and 33%, respectively. While absolute spend declined, we did see deleveraging of OpEx in both periods given the lower revenue base.

我們的運營支出（包括貢獻與調整後 EBITDA 之間的差額）在第四季度為 5900 萬美元，全年為 2.08 億美元，分別下降 24% 和 33%。雖然絕對支出下降，但鑑於收入基礎較低，我們確實看到這兩個時期的運營支出都在去槓桿化。

I'd also note that Q4 OpEx, while down year-over-year, did grow 43% sequentially as we resumed operations across all of our markets and accelerate investment into sales and marketing, operations and product development to support our 2021 growth objectives.

我還想指出的是，隨著我們在所有市場恢復運營並加快對銷售和營銷、運營和產品開發的投資以支持我們 2021 年的增長目標，第四季度的運營支出雖然同比下降，但確實環比增長了 43%。

I'll now turn to our quarterly guidance. We are not providing updated annual guidance. However, I can say we're comfortable with our previous outlook for 2021. We've also previously talked about the cadence for this coming year. As we rebuild our inventory, we expect our top line to follow, meaning that our revenue will be weighted to the back half of the year.

我現在談談我們的季度指導。我們不提供更新的年度指導。不過，我可以說我們對之前對 2021 年的展望感到滿意。我們之前也討論過來年的節奏。隨著我們重建庫存，我們預計我們的營收將隨之增長，這意味著我們的收入將被加權到今年下半年。

For Q1, we expect revenue of $600 million to $625 million. Adjusted EBITDA losses are expected to range from negative $33 million to negative $28 million. On the revenue side, we're encouraged by volume trends in our business due to both our increasing acquisition pace and increasing top of funnel demand. In addition, we expect a strong market home price appreciation, or HPA, will continue to positively impact revenue in Q1.

我們預計第一季度的收入為 6 億至 6.25 億美元。調整後的 EBITDA 損失預計為負 3300 萬美元至負 2800 萬美元。在收入方面，由於我們不斷加快的收購速度和不斷增加的漏斗頂部需求，我們對業務量趨勢感到鼓舞。此外，我們預計市場房價（HPA）的強勁升值將繼續對第一季度的收入產生積極影響。

With respect to unit economics, the strong margin performance we realized in Q4 should be considered [temple]. While we do expect margin tailwinds to persist into Q1, they will moderate throughout the year beginning this next quarter.

就單位經濟效益而言，我們在第四季度實現的強勁利潤率表現應該被考慮[temple]。雖然我們確實預計利潤率的順風將持續到第一季度，但從下個季度開始，全年利潤率將有所放緩。

Let me tell you about why. First, as we build up our inventory balance, our resale mix of homes will normalize throughout the course of this year. Second, while our pricing models were responsive to the very strong housing macro we saw in Q4, we did realize upside relative to our underwriting, particularly for homes that we underwrote in Q2 and early Q3 and subsequently sold in Q4. Going forward, we expect that our margins will moderate as we move throughout the year.

讓我告訴你原因。首先，隨著我們建立庫存平衡，我們的房屋轉售組合將在今年全年正常化。其次，雖然我們的定價模型對我們在第四季度看到的非常強勁的住房宏觀經濟做出了反應，但我們確實意識到了相對於我們的承保的優勢，特別是對於我們在第二季度和第三季度初承保並隨後在第四季度出售的房屋。展望未來，我們預計我們的利潤率將隨著全年的發展而放緩。

I also want to note that we do expect to see a significant increase in noncash stock-based compensation expense in Q1, estimated at approximately $235 million. This is much larger for us in a typical quarter and is due to our recent public offering. The expense is primarily related to historical equity grants to employees as well as for additional performance-based equity grants. We expect to continue to recognize additional stock-based compensation expense going forward over the remaining time-based vesting period for these awards.

我還想指出的是，我們確實預計第一季度非現金股票薪酬支出將大幅增加，估計約為 2.35 億美元。這對我們來說在一個典型的季度要大得多，這是由於我們最近的公開發行所致。該費用主要與向員工授予的歷史股權以及基於績效的額外股權授予有關。我們預計在這些獎勵的剩餘時間歸屬期內繼續確認額外的基於股票的補償費用。

Now turning to the balance sheet. As of the end of Q4, we had approximately $1.5 billion of cash and marketable securities. The follow-on offering we did added another $860 million, bringing us to approximately $2.3 billion. We are well capitalized and have substantial firepower to invest in market expansion and other opportunities we see to accelerate our business and product road map.

現在轉向資產負債表。截至第四季度末，我們擁有約 15 億美元的現金和有價證券。我們進行的後續發行又增加了 8.6 億美元，使我們的資產達到約 23 億美元。我們資本充足，擁有強大的火力來投資市場擴張和其他我們看到的機會，以加快我們的業務和產品路線圖。

In conclusion, while 2020 certainly presented many challenges, we're proud of how our team managed through a very difficult year, and we're pleased with how we wrapped up Q4. In addition, we're encouraged by the momentum we're seeing going into Q1, propelled by this undeniable shift in real estate from offline to online. We'll continue to build upon our track record of posting positive unit economics as we drive growth over the course of the coming year.

總之，雖然 2020 年確實帶來了許多挑戰，但我們為我們的團隊如何度過了非常困難的一年感到自豪，我們對第四季度的結束感到滿意。此外，我們對進入第一季度的勢頭感到鼓舞，這是由房地產從線下到線上的不可否認的轉變推動的。隨著我們在來年推動增長，我們將繼續保持積極的單位經濟效益記錄。

And with that, operator, we could please open up the lines for some Q&A. Thank you.

這樣，接線員，我們就可以開通一些問答線路了。謝謝。

And our first question comes from the line of Yoni Yadgaran with Crédit Suisse.

我們的第一個問題來自 Yoni Yadgaran 與瑞士信貸銀行的對話。

So two for me. The first is around just the kind of cadence and gating factors for the rollout of maybe new services as well as potentially expanding your footprint within home loans, et cetera. How are you just thinking about that? What are the kind of the main kind of factors that go into that between investing in the engineers, et cetera, versus getting licenses or anything else that might be involved on the partner side to kind of roll out incremental services?

所以對我來說是兩個。第一個是關於推出新服務以及可能擴大您在住房貸款等方面的足蹟的節奏和門控因素。你怎麼就想到這個了？投資工程師等與獲得許可證或合作夥伴方可能涉及的任何其他內容以推出增量服務之間的主要因素是什麼？

Secondarily, we just love to hear what are the kind of puts and takes that might impact the quarterly cadence of gross margins, in particular, throughout the year? Particularly on your comment around appreciating home prices, how much of that is a factor when you look back historically versus maybe new market rollouts and taking initial -- a bit more conservatism in how you price homes when you go into a new market.

其次，我們只是想听聽什麼樣的看跌期權和看跌期權可能會影響毛利率的季度節奏，特別是全年的毛利率？特別是關於您對房價升值的評論，當您回顧歷史時，這在多大程度上是一個因素，而不是新市場的推出以及在進入新市場時在如何定價房屋方面採取更加保守的態度。

Thanks, Yoni. This is Eric. So I'll address the first part of your question, and then I'll let Carrie address the second part of your question.

謝謝，約尼。這是埃里克。因此，我將解決您問題的第一部分，然後讓嘉莉解決您問題的第二部分。

Yes, as I mentioned in the remarks, we're really focused this year on investing in 3 big areas. So the first is to deepen our market penetration and expand in our existing cities. The second is to expand nationwide. And we are launching 6 cities in Q1, and we're aiming to be at 42 by the end of this year. And the third big vector is building the one-stop shop. We know that 2/3 of sellers are also buying another house, and we want to make that transaction extremely seamless online and digital. In terms of edge resources, we have the capabilities and the staff to invest in all 3 vectors. And we're already driving additional improvements down all 3 this year.

是的，正如我在發言中提到的，我們今年確實重點投資於三大領域。因此，首先是深化我們的市場滲透並在現有城市進行擴張。二是向全國拓展。我們將在第一季度推出 6 個城市，目標是到今年年底達到 42 個城市。第三大方向是建立一站式商店。我們知道 2/3 的賣家還在購買另一棟房子，我們希望使該交易在網上和數字化方面變得極其無縫。在優勢資源方面，我們有能力和人員在這三個方面進行投資。今年我們已經在這三個方面進行了額外的改進。

Great. Eric, and if I can take the second part of that question, just around expectations for the cadence of margins through the course of 2021, I think was the question you asked. If you think about what drove margins, first of all, in Q4, that will help us talk about what's going to happen for the coming year. There are really 2 main drivers of margins. One was having a very fresh book of inventory consisting almost entirely of newly acquired homes, that was one.

偉大的。 Eric，如果我可以回答這個問題的第二部分，即對 2021 年利潤率節奏的預期，我認為這就是您提出的問題。如果您首先考慮第四季度利潤率的推動因素，這將有助於我們討論來年會發生什麼。利潤率實際上有兩個主要驅動因素。其中之一是擁有一本非常新鮮的庫存簿，幾乎全部由新購置的房屋組成，就是這樣。

Second driver of margin in Q4 was around a combination of the underlying market strength we're all feeling today, coupled with the timing of home acquisitions. So the homes that we sold in Q4, just as a reminder, actually homes that we offered on and we acquired in Q2 and early Q3. And so that gap in timing drove -- realized better-than-anticipated HPA gains. And you're seeing that benefit in margins.

第四季度利潤率的第二個驅動因素是我們今天感受到的潛在市場實力以及購房時機的結合。因此，提醒一下，我們在第四季度出售的房屋實際上是我們在第二季度和第三季度初提供和購買的房屋。因此，時間上的差距推動了 HPA 收益好於預期。您會看到利潤方面的好處。

Both those drivers will not persist at the same rate for the balance of 2021, which is why our caution in my comments was just to call out the fact that we expect margins to moderate over the course of this year. Certainly, as we acquire more inventory throughout the year, that distribution of homes in terms of aging will just look more normal. And then in addition to that, the underwriting today of homes really reflects what we're seeing in the market. Well, we may have been intentionally conservative in our underwriting rate last year just given the volatility in the market due to COVID and other reasons.

這兩個驅動因素在 2021 年餘下的時間裡都不會以同樣的速度持續下去，這就是為什麼我們在評論中保持謹慎只是為了指出我們預計今年利潤率將放緩的事實。當然，隨著我們全年獲得更多庫存，房屋的老化分佈看起來會更加正常。除此之外，今天的房屋承保確實反映了我們在市場上看到的情況。嗯，考慮到由於新冠肺炎和其他原因導致的市場波動，我們去年可能故意保守承保率。

Today, we've adjusted to the environment. We feel very good about the drivers to HPA that we're seeing right now. And the underwriting reflects that. So you'll see that in margins that will come down over the course of the year from where we are today.

今天，我們已經適應了環境。我們對目前看到的 HPA 驅動因素感覺非常好。承保也反映了這一點。因此，您會看到，在這一年中，利潤率將比今天的水平有所下降。

And our next question comes from the line of Jason Helfstein with Oppenheimer.

我們的下一個問題來自傑森·赫夫斯坦和奧本海默的對話。

2 questions. And I apologize in advance for the comparison to Brazil. You should be compared -- you should be analyzed on an absolute basis, but we're living in a very relative world right now in the stock market. So when I think about your first quarter revenue guidance, very similar to Zillow, should we be thinking about this as a duopoly? And just generally, when you think about the experience you're giving consumers versus Zillow, do you see differences today?

2 個問題。對於與巴西的比較，我提前表示歉意。你應該進行比較——你應該在絕對的基礎上進行分析，但我們現在在股市中生活在一個非常相對的世界中。因此，當我想到你們第​​一季度的收入指引（與 Zillow 非常相似）時，我們是否應該將其視為雙寡頭壟斷？一般來說，當您考慮為消費者提供的體驗與 Zillow 時，您是否發現了差異？

And then, I guess, second. Your margins are much better than Zillow. Could you grow faster if you extended losses or pushed down margins? And just how are you thinking about margins versus growth over the next 2 years? And I know we have, obviously, your previous guidance. But maybe just give some color how you're thinking about the balance between those 2.

然後，我想，第二。你們的利潤比 Zillow 好得多。如果擴大虧損或壓低利潤率，你能增長得更快嗎？您如何看待未來兩年的利潤率與增長？顯然，我知道我們有您之前的指導。但也許只是說明你如何考慮這兩者之間的平衡。

Yes. I appreciate the question, Jason. Maybe I'll start by reminding us that less than 1% of transactions are online. And when categories are forming, raising consumer awareness is a net benefit, especially when the product is much better and we do see really great conversion right now.

是的。我很欣賞這個問題，傑森。也許我首先要提醒我們，只有不到 1% 的交易是在線進行的。當品類形成時，提高消費者意識是一種淨效益，尤其是當產品更好並且我們現在確實看到了巨大的轉化時。

So in my view and our view is that as more and more transactions move online, just given what we built to date and our operational processes and the platform we've built, we feel very well positioned to be a market share gainer in the coming years.

因此，在我看來，我們的觀點是，隨著越來越多的交易轉移到網上，考慮到我們迄今為止所構建的內容以及我們的運營流程和我們所構建的平台，我們感覺非常有能力在未來成為市場份額的獲得者年。

With regards to competition, will we need to compete over time? Sure. But again, we're focused on building the best consumer experience and very confident in our ability to compete. Carrie, do you want to speak about the margin?

關於競爭，我們是否需要隨著時間的推移而競爭？當然。但我們再次強調，我們專注於打造最佳的消費者體驗，並對我們的競爭能力充滿信心。嘉莉，你想談談利潤嗎？

Yes. No, and Jason, your question is about those trade-offs between growth and margin. What I would say at a high level is really, first and foremost, our focus is on maximizing the growth we have right in front of us and to take advantage of the enormous market opportunity. That's the #1 objective and we want to invest aggressively behind that growth objective. As evidence of that, I'd point to the fact that we just recently announced we're going to double the markets we're going to be in, in 2021.

是的。不，傑森，你的問題是關於增長和利潤之間的權衡。我想說的是，首先，最重要的是，我們的重點是最大限度地實現我們面前的增長，並利用巨大的市場機會。這是第一目標，我們希望積極投資以實現該增長目標。作為證據，我想指出這樣一個事實：我們最近剛剛宣布，我們將在 2021 年將我們的市場規模擴大一倍。

But we will continue to do that as we have historically with a disciplined approach to unit economics. Building a sustainable durable business is -- continues to be important to us. So I'm going to cheat a little bit and say, and, to your question. It's an and question for us, I mean growth #1, but always in light of making sure that we are disciplined on our margin objectives at the same time.

但我們將繼續這樣做，就像我們歷史上對單位經濟學採取嚴格的方法一樣。建立可持續發展的持久業務對我們來說仍然很重要。所以我要稍微作弊一下，然後回答你的問題。這對我們來說是一個問題，我的意思是增長#1，但始終要確保我們同時遵守利潤目標。

Our next question comes from the line of Ygal Arounian with Wedbush Securities.

我們的下一個問題來自 Ygal Arounian 與 Wedbush Securities 的聯繫。

I wanted to ask, Eric, on your comments about conversion. Conversion being stronger now than it has been historically and kind of improving there. And I think that question makes a lot of sense. So maybe we could talk a little bit more about what's driving that in an environment where home sellers can kind of go and expect to sell their homes much quicker than they normally would and likely receive a bidding war on it and sell it above the asking price. So maybe just some of the dynamics there.

埃里克，我想問一下你對皈依的看法。現在的轉化比歷史上任何時候都更強，並且有所改善。我認為這個問題很有意義。因此，也許我們可以更多地討論一下推動這一趨勢的因素，在這樣的環境下，房屋賣家可能會期望比平時更快地出售房屋，並且可能會遇到一場競價戰，並以高於要價的價格出售。 。所以也許只是其中的一些動態。

And then second, I'd love to hear your comments on -- there's been some commentary in the market that you guys paused listings for about a month from mid-November to mid-December. So just -- is there any accuracy to that? And if that is, what happened, maybe just some insights into why you made those decisions?

其次，我很想听聽你們的評論——市場上有一些評論說你們從 11 月中旬到 12 月中旬暫停上市大約一個月。那麼，這有準確性嗎？如果是這樣，發生了什麼，也許只是一些關於你為什麼做出這些決定的見解？

Got it. I appreciate the question. So your first question is, what's driving conversion? I'll let Carrie speak to the second part of your question. But from what we're seeing is really 2 things. There's some macro factors I want to mention and then some things we're doing on our side.

知道了。我很欣賞這個問題。所以你的第一個問題是，是什麼推動了轉化？我會讓嘉莉回答你問題的第二部分。但從我們所看到的來看，實際上有兩件事。我想提及一些宏觀因素，然後是我們正在做的一些事情。

The macro factors, as I actually already mentioned was, there is just a strong desire for a digital contactless experience. I'll talk about why in a second. And there's also just more demand to move. So if we can reduce the friction from the experience, then you can pull forward latent demand to move.

正如我實際上已經提到的，宏觀因素是對數字非接觸式體驗的強烈渴望。我稍後會討論原因。而且還有更多的搬家需求。因此，如果我們能夠減少體驗中的摩擦，那麼就可以拉動潛在需求。

But at Opendoor, we're seeing an increase in organic sellers coming to the site, as I mentioned. We're seeing strength in our partnership channels, and those are growing nicely. We're lowering our fees due to the market conditions. And we continue to make constant improvements on our seller experience and product. And those things are driving the increase in conversion.

但正如我提到的，在 Opendoor，我們看到來到該網站的有機賣家有所增加。我們看到了我們的合作夥伴渠道的實力，而且這些渠道發展得很好。由於市場狀況，我們正在降低費用。我們將繼續不斷改進我們的賣家體驗和產品。這些因素正在推動轉化率的增加。

When you think about the behavior itself, why your sellers selling to Opendoor versus listing on the market? And I would highlight 2 things. One is that even if it's a hot market, you still have to list the home, putting capital for repairs, have open houses and wait the time. And that timing can be not necessarily flexible. And the second piece is that, again, 2/3 of sellers are buying another home. And so they need to be ready to move on the next home at a moment's notice. So having an Opendoor offer in their back pocket gives them flexibility to buy the next home on their time line. And so those are the 2 driving factors into the increasing conversion.

當您考慮行為本身時，為什麼您的賣家向 Opendoor 出售產品而不是在市場上上市？我想強調兩件事。一是即使市場很火爆，你仍然必須掛牌出售房屋，投入資金進行維修，開放房屋並等待時機。而且這個時間安排不一定是靈活的。第二點是，2/3 的賣家正在購買另一套房子。因此，他們需要做好隨時搬到下一個家的準備。因此，擁有 Opendoor 優惠可以讓他們靈活地在時間表內購買下一套房屋。這些是提高轉化率的兩個驅動因素。

Part 2 of your question, just around the pause we took in listing late last year. I mean without getting into the specifics, what I could say is, yes, we did that. We took the opportunity, at that time, to experiment with some of our own homes in terms of their listing. It seemed like a good time to frankly be doing it, just given seasonality. And I think you can expect us to once in a while experiment with the cadence of when we list and how we list. But nothing that I would over rotate on with respect to that short time move that we took -- short-term move.

你的問題的第二部分，就在我們去年年底上市的暫停期間。我的意思是，在不討論具體細節的情況下，我能說的是，是的，我們做到了。當時，我們利用這個機會對我們自己的一些房屋進行了掛牌試驗。坦率地說，考慮到季節性因素，這似乎是一個這樣做的好時機。我認為你可以期待我們偶爾嘗試一下我們列出的時間和方式的節奏。但對於我們採取的短期舉措，我不會過度輪換——短期舉措。

(Operator Instructions) And our next question comes from the line of Edward Yruma with KeyBanc Capital Markets.

（操作員說明）我們的下一個問題來自 KeyBanc Capital Markets 的 Edward Yruma。

I guess first, just any commentary on any kind of -- with the funnel change in the behavior that you're seeing a little with kind of (inaudible) rising rates and if you're seeing any changes in behavior, maybe people even rushing to close. Second, kind of a broader question. I know you guys have a pretty comprehensive road map for adding more services and building that out. Any kind of update in terms of what the uptake has been in services and any change in that road map?

我想首先，只是對任何類型的評論——隨著行為的漏斗變化，你會看到一些（聽不見的）上升率，如果你看到行為有任何變化，也許人們甚至會衝進去關閉。第二，一個更廣泛的問題。我知道你們有一個非常全面的路線圖來添加更多服務並構建它。關於服務的採用情況以及路線圖有何變化有任何更新嗎？

Ed, can you repeat the first part of the question, you're breaking up a little bit.

艾德，你能重複一下問題的第一部分嗎，你們有點分手了。

Yes. I was just asking, kind of based on this rising rate environment, have you seen any changes either on top of the funnel behavior or in a consumer kind of moving to close quickly based on rates moving?

是的。我只是想問，基於這種不斷上升的利率環境，您是否看到漏斗行為之上或消費者根據利率變化而快速關閉的任何變化？

Got it. And the second part of the question is about our services road map?

知道了。問題的第二部分是關於我們的服務路線圖？

That's right.

這是正確的。

Got it. Yes. So let me -- I'll address both, and Carrie, feel free to hop on as well. But with rates moving and the desire to lock in rates now is certainly one part of the equation. But again, we see the stronger macro factors is the desire to move in a digital way. And the work-from-home policy is changing, so giving people more geographic mobility.

知道了。是的。所以讓我——我將向這兩個人致辭，嘉莉，也請隨意加入。但隨著利率的變化和現在鎖定利率的願望肯定是等式之一。但我們再次看到更強勁的宏觀因素是對數字化方式的渴望。在家工作的政策正在發生變化，從而為人們提供了更多的地域流動性。

To your question around services. I think we've demonstrated a strong track record with title and escrow. We launched that business in 2017, and in 3 years, got to 80% attach to very healthy margins. Back then, we knew that consumers wanted an integrated close. And so we executed pretty well against that opportunity. We also know that consumers want additional services from us. We see this every single day when we talk to our customers. They do, in fact, want a more seamless integrated experience across multiple product lines. And so we continue to invest pretty heavily this year and buy with Opendoor. And as I mentioned, we just launched a new feature called cash offers within that product line. And then we're investing in Opendoor home loans this year.

關於您關於服務的問題。我認為我們在所有權和託管方面表現出了良好的記錄。我們於 2017 年推出了這項業務，並在 3 年內實現了 80% 的利潤率，非常健康。當時，我們知道消費者想要一個完整的關閉。因此，我們抓住了這個機會，執行得相當好。我們還知道消費者希望我們提供額外的服務。當我們每天與客戶交談時，我們都會看到這一點。事實上，他們確實希望跨多個產品線獲得更加無縫的集成體驗。因此，我們今年繼續大量投資並通過 Opendoor 進行購買。正如我所提到的，我們剛剛在該產品線中推出了一項名為現金優惠的新功能。今年我們將投資 Opendoor 住房貸款。

Yes. Edward, can you repeat the second part of your question? Do you want to address the uptick we see in services?

是的。愛德華，你能重複一下你問題的第二部分嗎？您想解決我們在服務業中看到的增長問題嗎？

Yes. I just wanted to know if there's anything you could provide in terms of attach rate, kind of quantitative color around the uptake in services.

是的。我只是想知道您是否可以在附加率方面提供任何信息，即服務採用情況的定量顏色。

Probably nothing more than we already supplied in our public filings, which is around title and escrow, which is the most mature of our service offerings. Today, we're offering -- we're attaching a north of 80%.

可能只不過是我們在公開文件中已經提供的內容，其中涉及所有權和託管，這是我們最成熟的服務產品。今天，我們提供——我們附加 80% 以上。

And we have a follow-up question from the line of Jason Helfstein with Oppenheimer.

我們還有一個來自傑森·赫夫斯坦和奧本海默的後續問題。

I figured I'd ask one more. So any update on the list with Opendoor? Any color that you want to share? Then a housekeeping question, do you capture the homes that are in contract on the balance sheet or not until they close?

我想我應該再問一個。 Opendoor 的名單有什麼更新嗎？有什麼顏色想分享嗎？然後是一個內務管理問題，您是否在資產負債表上記錄了合同中的房屋，或者直到它們關閉為止？

Sorry, can you repeat the second part of that question?

抱歉，您能重複一下該問題的第二部分嗎？

Do you capture the homes that are in contract on the balance sheet or not until they close?

您是否在資產負債表上記錄已簽訂合同的房屋​​，或者直到它們關閉為止？

I can do the easy one first, Jason, which is we don't capture homes on the balance sheet until we own them until they're close. So what I would point you towards, if it's helpful, if you look at the 10-K filing, with the inventories that we own, we do show homes that are under contract we purchased, you can track that. So we had about 1,800 homes in inventory, we own those. We have about 1,700 homes, rough numbers, under contract to be purchased. They may not all close, but the vast majority of those will. So you can think of those 2 numbers as being more or less additive.

傑森，我可以先做一個簡單的事情，那就是我們不會在資產負債表上記錄房屋，直到我們擁有它們，直到它們接近為止。所以我想向您指出的是，如果有幫助的話，如果您查看 10-K 文件，以及我們擁有的庫存，我們確實會顯示我們購買的合同下的房屋，您可以跟踪它。所以我們有大約 1,800 套庫存房屋，我們擁有這些房屋。根據合同，我們大約有 1,700 套房屋（粗略數字）需要購買。它們可能不會全部關閉，但絕大多數都會關閉。所以你可以認為這兩個數字或多或少是相加的。

Great. And with regards to the listing at Opendoor and an update there, maybe I just give you some color as to how we're thinking about the products holistically. We do want to be the best place to sell a home online. And a couple of things we care about is, one, we want to be on the customers' side. So that's kind of point #1.

偉大的。關於 Opendoor 上的列表和更新，也許我只是向您提供一些關於我們如何整體考慮產品的信息。我們確實希望成為在線出售房屋的最佳場所。我們關心的幾件事是，第一，我們希望站在客戶一邊。這就是第一點。

Point #2 is that we do want to ensure that the customer is making an informed decision. And so by giving them the range of options, whether they want to sell to us to maximize convenience and certainty, or list on the market, we do want to make sure they're informed of their choices and options and then help them determine what is the best option for their situation. And so that's kind of the product thesis.

第二點是我們確實希望確保客戶做出明智的決定。因此，通過為他們提供一系列選擇，無論他們是想向我們出售產品以最大限度地提高便利性和確定性，還是在市場上上市，我們確實希望確保他們了解自己的選擇和選擇，然後幫助他們確定什麼是適合他們情況的最佳選擇。這就是產品論文。

We're seeing such strong conversion in our core offering, which is to sell to us. That -- that's still the product line that's chosen the most. But as we kind of progress, we will continue to invest in list to Opendoor as an alternative to selling to us.

我們看到我們的核心產品發生瞭如此強烈的轉變，那就是向我們出售產品。那仍然是選擇最多的產品線。但隨著我們的進展，我們將繼續投資 Opendoor 列表，作為向我們出售產品的替代方案。

Thank you. I would now like to turn the call back over to CEO, Eric Wu, for any closing remarks.

謝謝。我現在想將電話轉回給首席執行官吳埃里克（Eric Wu），請其發表結束語。

Great. So I just want to actually end this first earnings call by saying thank you to my teammates for their passion and persistence in servicing our customers every day. And I also do want to thank our shareholders for their support and our mission to transform how people buy and sell a home online. Thank you.

偉大的。因此，我只想在結束第一次財報電話會議時向我的團隊成員表示感謝，感謝他們每天為客戶服務的熱情和堅持。我還要感謝我們的股東的支持以及我們改變人們在線買賣房屋方式的使命。謝謝。

Ladies and gentlemen, this concludes today's conference call. Thank you for participating, and you may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。